Karnataka Bank surpasses target

Mangalore-based private sector bank Karnataka Bank has surpassed its business turnover target of Rs 17,000 crore for the financial year 2004-05, Ananthakrishna, chairman of the bank told the members at the bank's head office here on Friday.

He unveiled the plan for 2005-06 which includes a turnover of Rs 20,000 crore with deposits of Rs 12,500 crore and advances of Rs 7,500 crore. The bank plans to further contain the net NPA within 2 per cent.

The bank intends to take the number of branches to 400 by the end of March 2006. The number of bank's own ATMs will be raised to 100 before the end of December 2005. A pact has already been inked for other banks' network/shared viz. network "Cash Tree", and "NFS" for greater access.

The bank is all set to launch internet banking shortly. Introduction of demat services, distribution of mutual fund products and a product called "Money Quick" for customer-to-customer remittance through RTGS are on the cards.

The bank's capital stands at Rs 121 crore after the latest rights issue and the own funds of the bank is expected to touch Rs 1,000 crore.